Investment returns are uncertain, especially in today's economic environment. But taxes are a sure thing.

That's one reason why tax-aware investment management is essential for building and maintaining wealth.

In this comprehensive, groundbreaking book, Douglas S. Rogers, CFA, explains why many accepted investment strategies and techniques developed for tax-exempt institutional investors don't work for individuals who are subject to taxes. They will end up with substantially lower after-tax returns simply because their portfolios are not structured or managed with tax obligations in mind.

This book shows: How to measure and compare the tax-efficiency of mutual funds, hedge funds, and individual investment managersHow the widely used style-box matrix can prove detrimental to after-tax investment returnsHow to minimize taxes on stock-and-bond portfolios and employ sophisticated strategies for offsetting gains against lossesHow to decide which asset categories should be placed in tax-deferred accounts such as IRAs and which should be placed in regular taxable accountsHow to incorporate tax-aware techniques and insights into all facets of investment planning, portfolio management, and estate planning

This is an open access title available under the terms of a CC BY-NC-ND 4.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. Illicit financial flows constitute a global phenomenon of massive but uncertain scale, which erodes government revenues and drives corruption in countries rich and poor. In 2015, the countries of the world committed to a target to reduce illicit flows, as part of the UN Sustainable Development Goals. But five years later, there is still no agreement on how that target should be monitored or how it will be achieved. Illicit financial flows occur through many different channels, whether they involve laundering the proceeds of crime or shifting profits of multinational companies. These deliberately hidden cross-border movements of assets and income streams depend on a set of common tools including opaque company accounts, legal vehicles for anonymous ownership, and the secrecy jurisdictions that provide these series. The overall effect is to reduce the revenue available to states and to weaken the quality of governance - leading to less money to support human development, and a lower likelihood of funds being well spent. Estimating Illicit Financial Flows: A Critical Guide to the Data, Methodologies, and Findings is authored by two of the economists most closely involved in the process to develop UN indicators of illicit financial flows. In it, they offer a critical survey of the existing data and methodologies, identifying the most promising avenues for future improvement and setting out their own proposals. They cover a range of corrupt practices aimed at obtaining immunity or impunity from criminal law, from market regulation, and from taxation.

Written for traders with a basic knowledge of trends and technical analysis, Practical Trend Analysis introduces advanced analytical tools for recognizing how risks evolve as trends proceed. Readers will learn how to use trend prediction to manage market risks far more effectively. Michael C. Thomsett provides insights on technical signals such as candlestick reversals, price gaps, and movement through resistance or support; distinguishing between strong and weak trends; objectively evaluating the health of a stock's current price levels, trading breadth, and technical condition; and anticipating plateaus, slowdowns, or price reversals. He presents detailed coverage of trendlines and channel lines; patterns and confirmations of both reversals and continuations; broadening and narrowing trends, price jumps; and trends based on volume, moving averages, and momentum. Practical Trend Analysis will enable traders, both amateur and professional, to go far beyond mere trend "following." Michael C. Thomsett is a market expert, author, speaker, and coach. His many books include Stock Market Math, Candlestick Charting, and The Mathematics of Options.

This book explains the theoretical and policy issues associated with the taxation of financial services and includes a jurisdictional overview that illustrates alternative policy choices and the legal consequences of those choices . The book addresses the question: how can financial services in an increasingly globalized market best be taxed through VAT while avoiding economic distortions? It supports the discussion of the key practical problems that have arisen from the particular complexity of the application of VAT to financial services, and allows for the evaluation of best practice by comparing the major current reform models now being implemented.

This book provides a comprehensive and systematic overview of the main topics of taxation in European law. The sequence of arguments follows an institutional logic, respecting the academic tradition of tax law. It first outlines the general framework of EU institutions, with a particular focus on the set of regulations regarding taxation with reference to the stage of formation of EU rules and the potential contrast with national legal systems. It then explores the general principles emerging from the European treaties that typically involve the taxation system, and examines in detail the fiscal importance of European freedoms, the principle of tax non-discrimination, the balance between national interest and EU values, tax harmonization, state aids and other general principles applicable in tax jurisdiction. Lastly, it offers an overall assessment of the development of the European integration process, with particular regard to the nexus between taxation power and sovereignty, in order to highlight the possible and desirable next stages of the evolution of "European tax law".

Dieses Buch erlautert Moeglichkeiten, wie Afrika seine Potenziale ausschoepfen kann, um eine Versorgung mit Lebensmitteln fur eine erschwingliche und gesunde Ernahrung durch die nachhaltige Nutzung der eigenen Ressourcen zu sichern. Der Schwerpunkt liegt dabei auf Investitionen, Kooperation und politischen Massnahmen. Die hier vorgeschlagene Agenda soll eine langfristige sein, die jedoch kurzfristig mit konkreten Schritten eingeleitet werden sollte.

Whatever happened to the money supply? This book explains how the analysis of monetary and credit aggregates is undertaken at the Bank of England, the European Central Bank and (as an example of a developing country) the Bank of Tanzania. The book also explores how this analysis relates to these central banks' monetary policy strategies and how it feeds into policymaking. An editorial introduction provides the intellectual and historical background - from the contributions of key economists such as Milton Friedman and Jacques Polak, to monetary targeting and inflation targeting - and argues that central banks and policy analysts would be foolish to neglect the insights monetary analysis can offer. The papers compiled in Monetary Analysis at Central Banks demonstrate just how useful and varied those insights are.

This work explores how reshaping budget rules and how they are applied presents a preferred means of public sector budgeting, rather than simply implementing fewer rules. Through enhanced approaches to resource flexibility, government entities can ensure that public money is used appropriately while achieving the desired results. The authors identify public budgeting practices that inhibit responses to complex problems and examine how rule modification can lead to expanded budget flexibility. Through a nuanced understanding of the factors underlying conventional budget control, the authors use budget reforms in Australia to show the limits of rule modification and propose "rule variability" as a better means of recalibrating central control and situational flexibility. Here, policy makers and public management academics will find a source that surveys emerging ways of reconciling control and flexibility in the public sector.iv>

The overall objective of the book is to holistically assess the property tax systems in BRICS megacities. As megacities play a vital role within their respective countries - economically, administratively, and from a human development perspective - they experience the costs and benefits of urbanization simultaneously with major investment needs, rising poverty, and increasing congestion and pollution levels in the context of limited financial resources, raising the question for a suitable decentralized funding source. This book highlights the property tax as a means to help further improve the financial sustainability of megacities, the reliability and quality of their services, and megacities' contribution to supporting economic growth.

This book offers a comprehensive guide to modern day taxation issues. It presents a thorough overview of many of the crucial aspects of applied taxation and current tax systems, and presents evidence that supports taxation as an important policy issue requiring immediate address globally. Contributions seek to address the core question of how to design a tax policy mix that can serve primarily efficiency, growth and possibly equity goals at a time where fiscal spending, for many economies, is not a viable option. Chapters provide a historical perspective on taxation, then go on to cover aspects of the modern theory of optimal taxation and tax design and provide valuable international perspectives on current tax practices and much required tax reforms. Empirical analysis on taxation and related economic data help the readers to understand how data-based observations and results are linked to the theory of taxation, and more importantly economic growth, before offering appropriate policy prescriptions. This book will be of interest to scholars and practitioners interested in learning more about taxation and why it matters today in the global economy.

In this book, experts discuss how German real estate values have remained stable throughout the financial crisis, even though transaction volumes have been very volatile since 2005. Consequently, risk-averse national and international investors have started to invest in virtually all German real estate asset classes. This book tries to answer what has made the German real estate markets more resilient to shocks than many European real estate markets by analyzing the economic, regulatory and demographic environment. In 30 well-structured chapters, experts from both the academic and professional world analyze structural and current issues of German real estate markets. Readers will get a deep understanding of what makes the German real estate market special and where potential opportunities and threats in Europe's largest real estate market exist.

This book develops new, original methods of welfare comparison and comparative dynamics between distinct and discretely positioned (rather than continuously related) socioeconomic situations. These methods are not only realistic but also extremely relevant to serious economic problems. Using them, the book sheds illuminating new light on the theoretical analysis of Keynesian economics and other important issues of political economy. For instance, it shows that the principle of effective demand applies exactly as Keynes put it to the unemployment equilibrium in the short run. It also shows that the equilibrium may change along the expansion path as the government chooses to vary its expenditure to maximize national welfare. The same methods are effectively employed theoretically to investigate modern trade policy issues such as gains from trade, the theory of tariffs, free trade agreements, and the role of the WTO. Those methods are also used to study the welfare and efficiency of various socioeconomic situations.

Erster und bisher einziger steuerlicher Ratgeber fur die aktuell etwa 2 Millionen Eigentumer von Privatwaldern in Deutschland: Privater Waldbesitz erfreut sich immer groesserer Beliebtheit; das Thema Wald ist derzeit stark im Fokus. Doch der Besitz auch kleinerer Walder ist mit steuerlichen Obliegenheiten verbunden, die deren Eigentumer kennen sollten. Das Buch beschreibt klar und anschaulich die mit einem Wald verbundenen steuerlichen Pflichten und Rechte und gibt anhand zahlreicher Beispiele praktische Handlungsempfehlungen.

In this book, a number of long-term energy scenarios are developed for Nigeria considering the impact of vital factors that may influence energy policies in the country's future energy system. The energy scenarios were developed through the Long-Range Energy Alternatives Planning System (LEAP) model. The model identified the future energy demand and supply pattern using a least-cost combination of technology options while limiting the emission of greenhouse gases. The book presents four scenarios, and key parameters considered include GDP, households, population, urbanization and the growth rates of energy-intensive sectors. Further, it highlights the findings of the cost-benefit analysis, which reveal the costs of implementing selected policies and strategies in Nigeria, including those focusing on energy efficiency and fuel/technology switching. The book also discusses the application of the LEAP-OSeMOSYS Model in order to identify lowest-cost power plants for electricity generation. Some sustainable strategies that can ensure a low carbon development in Nigeria are also explored on the basis of successful country cases in relation to the Nigerian LEAP model. As such, the book will help policy makers devise energy and sustainable strategies to achieve low carbon development in Nigeria.

This volume aims to discuss the current research, theory, methodology and applications of macropreudential regulation and policy for the Islamic financial industry. Published in cooperation with the Islamic Research and Training Institute (IRTI), this book features contributions from a workshop presented in collaboration with the University College of Bahrain (UCB) in Manama, Bahrain, aimed to bring together experts in Islamic banking and regulation and financial economics. This resulting book sheds light on how macroprudential policy may be implemented in the Islamic financial system, and indicates current challenges and their effects on economic growth, financial stability and monetary regulation. Macroprudential policy is increasingly seen as a way of dealing with the different dimensions of systemic risk. But many central banks, bank supervisors and regulators have limited experience with macroprudential tools, particularly in the Islamic financial industry. Given the complementarities between monetary policy and financial stability, it appears that central banks would always play an important role in macroprudential policy. But how should macroprudential policy best interact with monetary policy? It is becoming more pressing for the central banks to conduct monetary policy in which its conventional banking system operates side by side with Islamic banking system. This question has received increasing attention in the research literature but there is much we still need to learn. This is why new insights from research on macroprudential policy - which has gained important impetus in recent years - are so valuable. Featuring contributions on topics such as macroprudential regulation, policy, tools and instruments; governance, systematic risk, monetary policy, and bank leverage, the editors provide a collection of comprehensive research covering the most important issues on macroprudential policy and regulation for the Islamic financial industry. This volume is expected to be a significant contribution to the literature in the field of Islamic finance and evaluation of public policies to promote the development for Islamic financial industry. It is also served as a key text for students, academics, researchers, policy-makers in the field of Islamic finance.

This book, dedicated to Prof. Jacques Richard, is about the economic, political, social and even environmental consequences of setting accounting standards, with emphasis on those that are alleged to be precipitated by the adoption and implementation of IFRS. The authors offer their reasoned critiques of the effectiveness of IFRS in promoting genuine global comparability of financial reporting. The editors of this collection have invited authors from 17 countries, so that a great variety of accounting, auditing and regulatory cultures, and educational perspectives, is amply on display in their essays.

This book explores the role of national fiscal policies in a selected group of Euro-area countries under the European Economic and Monetary Union (EMU). In particular, the authors characterize the response of output to fiscal consolidations and expansions in the small Euro-area open economies affected by high public and private debt. It is shown that the macroeconomic outcome of fiscal shocks is strongly related to debt levels. The Euro-area countries included in the investigation are Greece, Ireland, Italy, the Netherlands, Spain, and Portugal, over the sample period 1999-2016, i.e., the EMU period. The main econometric tools used in this research are structural vector autoregressive (VAR) models, including panel VAR models. The available literature relating to the subject is also fully reviewed. A further closely investigated topic is the potential spillover effects of German fiscal policies on the selected small Euro-area economies. Moreover, in the perspective of the evolution of the Euro Area towards a full Monetary and Fiscal Union, the authors study the effects of area-wide government spending shocks on aggregate output and other macroeconomic variables during the EMU period. The closing chapter of the book considers evidence on the consequences of austerity policies for European labour markets during recent years.

Based on a pioneering research programme on the evolution of top incomes, this volume brings together studies from 10 OECD countries. This rapidly growing field of economic research investigates the top segment of the income distribution by using data from income tax records over the past century. As well as describing the source data and methods employed, the authors also discuss the dramatic changes that have occurred at the top of the income scale throughout the 20th century.
This fascinating study is the first of its kind to provide a comprehensive historic overview of top income distribution over the last century. It looks at why top incomes shares fell markedly in the first half of the 20th century and why, more recently, there has been a striking difference in the top income distribution between continental Europe and English-speaking OECD countries, like the UK, USA, and Australia. Written by Thomas Piketty, New York Times best-selling author of Capital in the Twenty-First Century, and noted member of the Conseil d'Analyse Economique, A. B. Atkinson, this seminal work provides rich pickings for those with an interest in inequality, development, the economic impact of war, taxation, economic history, and executive compensation.

International Applications of U.S. Income Tax Law provides tax, accounting, and legal practitioners in the U.S. with a fundamental understanding of major concepts and issues in international tax. Readers will become more knowledgeable of how taxpayers achieve excess credit or excess limit positions and how they can profit from the economic incentives these positions create. International Applications of U.S. Income Tax Law also explains how to calculate marginal tax rates in many situations, a concept not found in other international tax books.

This book discusses voting procedures in collective decision-making. Drawing on well-established election processes from all over the world, the author presents a voting procedure that allows for the speedy but fair election of a proportional, all-party coalition. The methodology - a matrix vote - is accurate, robust and ethno-color blind. In the vote, the counting procedure encourages all concerned to cross the gender as well as any party and/or sectarian divides. While in the resulting executive each party will be represented fairly and, at best, with the consensus of parliament, every minister will be the one most suited to his/her new portfolio. By using preferential voting and thus achieving consensus, the matrix vote will be fundamental to the resolution of conflicts. The matrix vote can also be used when: * two or more parliamentary parties elect a coalition government * one parliamentary party elects a government or shadow cabinet, or organizations in civil society elect their governing boards or executive committees * any group chooses a fixed number of individuals to form a team in which each member carries out a different function

This volume sheds new light on economic developments in several countries of Southeast Europe. The European Union and especially the eurozone continue to experience rhythms of fiscal crisis, as can most clearly be seen in the debt crisis in the South Periphery. Despite the fact that several measures and decisions have been taken to deal with the crisis (banking union, liquidity support from the European Central Bank), proposals to reform Europe's strategic policy in order to find a way out of the crisis have been put forward. This book explores the respective roles that specific sectors, e.g. the agricultural sector, social capital, tax policies and labour immigration, can play in this regard. The importance of international economic relations (exports, imports, FDI, exchange rates) is analysed, in order to illustrate the nature of the economic developments and the major economic difficulties these countries face.

This book provides an insight into commercial relations between large economies and Small States, the benefits of regional integration, the role of Small States as financial centres as well as B2B and State to State dispute resolution involving Small States. Several contributions allow the reader to familiarise themselves with the general subject matter; others scrutinise the particular issues Small States face when confronted with an international dispute and discuss new and innovative solutions. These solutions range from inventive ideas to help economic growth to appropriate mechanisms of dispute resolution including inter-State dispute resolution and specific areas of arbitration such as tax arbitration. Researchers, policy advisors and practitioners will find a wealth of insights, information and practical ideas in this book.

This book analyzes the consequences that would arise if Germany's means-tested unemployment benefits were replaced with an unconditional basic income. The basic income scheme introduced is based on a negative income tax and calibrated to be both financially feasible and compatible with current constitutional legislation. Using data from the German Socio-Economic Panel (GSOEP) the author examines the impact of the reform on the household labor supply as well as on both poverty and inequality measures. It is shown that by applying reasonable values for both the basic income and the implied marginal tax rate imposed on earned incomes, efficiency gains can be reconciled with generally accepted value statements. Furthermore, as the proposal includes a universal basic income for families, child poverty could be reduced considerably. The estimates are based on the discrete choice approach to labor supply.

This book investigates the impact of International Monetary Fund (IMF) programmes on macroeconomic instability and economic growth in recipient countries. Employing the New Institutional Economics approach as an analytical framework, it identifies the determinants of economic and political institutional quality by taking into account a broad variety of indicators such as parliamentary forms of government, the aggregate governance level, civil and economic liberties, property rights etc. The book subsequently estimates the impact of these institutional determinants on real economic growth, both directly and also indirectly, through the channel of macroeconomic instability, in recipient countries. Moreover, it illustrates the effectiveness of IMF programmes in the case of Pakistan, a frequent user of IMF resources.